Overview
- Microsoft CEO Satya Nadella said the binding constraint is electricity and ready data‑center shells, with GPUs sitting idle because there are no powered facilities to plug them into.
- Tech giants are on pace to spend roughly $370–$400 billion on AI infrastructure in 2025, with growing use of SPVs and debt as utilities seek large rate increases and grid capacity lags.
- OpenAI CFO Sarah Friar clarified that the company is not seeking a government backstop after earlier remarks about potential federal guarantees, and she said an IPO is not planned now.
- The White House AI czar David Sacks stated there will be no federal bailout for AI companies, while signaling support for faster permitting and new power generation.
- Investors are shifting focus from headline partnerships to near‑term revenue and deployable capacity, as warnings of an AI bubble grow and some facilities risk being built without sufficient power.